Pricing is difficult with all NFTs, but it is especially difficult with literary works. Pricing is, understandably, a subjective and personal decision based on a variety of factors such as quality, scarcity, utility, and hype. Here are some questions to consider before embarking on your first project.
What type of NFT are you releasing?
Scarcity and exclusivity are excellent ways to command a premium. Are you distributing an unlimited number of copies of a book? Or are you releasing a 1/1 NFT of an early book cover sketch, complete with an unlockable download link to your book’s PDF and the right to a physical copy? Consumers will most likely treat the single book NFT as any other physical book, whereas they may regard your early cover art as a one-of-a-kind collectible. The latter will always be worth more.
What can the owner do with them?
As previously stated, many creators use NFTs as access tokens, providing owners with exclusive opportunities such as meet and greets, behind-the-scenes content, or access to owner-exclusive merchandise. The more access and opportunity you provide your owners, the higher the price you may be able to command.
What is the quality of your work?
Let’s be honest. While all projects are admirable, some are superior to others. High quality, on the other hand, is frequently dictated by the market, which defines the financial performance of the work and thus the right to a higher price tag.
How large is your existing audience?
It’s often easier to charge more when you have an existing audience that is already supportive and familiar with your work. When first starting out, we’d recommend pricing on the lower side and letting your work speak for itself. As you continue to build up a community and drum up some hype around your projects, you’ll likely have the ability to charge more for your work.
How to build a community for your NFT collection
The community reigns supreme in the world of NFT. The same is true for writing. As a result, when publishing any type of written work, especially when launching a literary NFT project, your audience should always be your primary focus. You must inquire as to who the content is intended for. Have a clear purpose in mind for your work, and be aware of how it makes your reader feel. Importantly, the same considerations apply when creating a community, and the best way to do so is to rally people around a goal or mission larger than themselves.
If your community is built on hype, they’ll leave when that hype isn’t sustained. A good approach is to spend time knowing your members. It is also important to communicate frequently. Many projects communicate through discord. As a Founder, being open and transparent with your community is crucial.
Emotional connection, virtual and in-person interaction, co-creation, or a combination of the three can all help to build a quality community. Creating a close-knit community strengthens personal bonds, serves as a key differentiator for your project, and results in increased project success and aligned financial incentives for all.
Copyright in NFTs
In the NFT space, there is an ongoing debate about the “right” way to approach copyright and IP protection. This debate is heightened in the literary world, where intellectual property surrounding storytelling and character creation is so important. Creative Commons Zero (CC0) is the most permissive form of copyright, in which creators must waive any copyright protection and agree to have their work live completely free in the public domain. From there follow various levels of non-CC0 protection related to commercialization and licensing.
